Ripple price takes big hit down 15% on Thursday

• The Ripple price is under heavy selling pressure, trading down 15% on Thursday
• Price action has seen a breakout to the downside from a bearish pennant formation
• Ripple is on course to reverse gains started from December 2017

The price of Ripple has continued to come under heavy selling pressure during trading on Thursday. It has cleared strong support between the $1.20-1.10 range, the momentum has been the downside for the whole trading week so far. A bearish pennant formation was evident on the XRP/USD chart, which has seen the price break and close below. 

Ripple is struggling to find any stable footing at key levels of support, the price is flirting with the psychological $1 level. A further breakdown could open the gates to the $0.80-0.85 range, which has previously proven to see strong buying demand.

Unless the price closes above $1, the bears are likely to retain control, with the capability of completely reversing the large upside, which started back in December 2017. Should sentiment not change, it would not be out of the realms of possibility to see XRP/USD start again around the $0.20 region. The only real shift in sentiment, would likely need to come from a large household name partnership announcement from Ripple. 

Ripple daily chart